Flatiron Corp has the following budgeted sales in each quarter of the year 2020:

Expected Sales

Q1 $ 300,000

Q2 $ 320,000

Q3 $ 340,000

Q4 $ 360,000

Cash collection information are as follows:

1. Of all sales, 80% are on credit.

2. For the credit sales made in the year 2020; 60% of credit sales are collected in the quarter in which the sale is made; 30% are collected in the following quarter; and 10% are collected in the second quarter after sale.

3. Accounts Receivable is estimated to be $60,000 on December 31,2019. The company expects to collect all outstanding receivable in the first quarter of 2020.

What is the total cash collection for the first quarter of 2020?